Crypto Friendz

According to The Daily Hodl, Matt Hougan, Chief Investment Officer (CIO) of Bitwise, an encryption index fund management company, said that a multi-year bull market is kicking off, driven by a long-awaited wave of institutional interest.

Cryptocurrency prices have shown incredible resilience in the face of increasing regulatory scrutiny, Matt Hougan said in an interview with Bloomberg. BlackRock's iShares recently submitted iShares Bitcoin Trust application documents, which may be the icing on the cake for a new round of bull market. "Prices (of cryptocurrencies) have actually been going up since the FTX crash last November. Now BlackRock, the world's largest asset management company, has taken a stand on the issue, saying that Bitcoin is important, and that's why institutional investors are going to invest in the next five years." The asset you want to own in ten years. I think we’ve entered a new era of crypto. I call it the ‘mainstream era of crypto.’ I think we’ve entered a bull market that’s just started and is multi-year.”

According to the Cryptonomist report, Coinglass data shows that the current total Bitcoin contract position (OI) has exceeded 14 billion US dollars.

The largest cryptocurrency exchange for Bitcoin derivatives OI is Binance, with a 32% share, almost double that of CME. CME accounts for only 18% of total Bitcoin open interest. It is worth noting that the total open interest in Bitcoin contracts has increased significantly in recent weeks. In fact, as of March 18 this year, the figure was consistently above $10 billion, but it started to rise sharply from June 16. However, something similar has already happened between April 5 and 14, but only increased to $13 billion. The last time total Bitcoin contract positions exceeded $14 billion was in May 2022, so it is currently at its highest level for 2023.

JPMorgan has used its JPM Coin system to introduce euro-denominated payments for corporate clients, said Basak Toprak, head of EMEA Coin systems at JPMorgan.

It is reported that the system allows wholesale payment customers such as large multinational companies to transfer US dollars or euros between their accounts, or use blockchain instead of traditional payment methods to pay other customers of the bank. Since its launch in 2019, JPMorgan has processed about $300 billion in transactions using JPM Coin. By comparison, JPMorgan processes nearly $10 trillion in total payments per day.

PANews news on June 25th, Ethereum Classic (ETC) officially released an important announcement that its open source cloud architecture Ethercluster based on Ethereum will end its service on July 24, 2023. This will affect all parties using the Ethercluster endpoints of the ETC mainnet and the Mordor testnet, including wallet operators, exchanges, mining pools, and DApp developers. Ethereum Classic emphasized that all relevant parties should complete the migration of the ETC mainnet and Mordor testnet endpoints before this date to ensure the smooth operation of the business.

Previously, Ethereum Classic has changed the RPC URL of its mainnet from Ethercluster to Rivet, and plans to migrate the Ethercluster Mordor testnet endpoint to the new endpoint.

Are we in a Bull run?

Or…
a Bull Run Trap?

Someone asked me my opinion as to where I thought the bottom will be for the DOW?

I’ll give you my answer next. But, what do you think the bottom will be for the DOW?

The stock market and cryp market do not correlate or trend in sync. Typically Wallstreet investors will consider crypto positions as a hedge instrument during Bear market conditions.

It has been a long time since we have seen Cardano below a dollar. I have personally accumulated over 10,000 tokens of ADA at $1.10 average value per token.

Good luck and invest wisely.